Trade in services experiencing exponential growth

Wang Xiaohong, a researcher at the China Center for International Economic Exchanges in Beijing, said China's continued efforts to expand its opening-up will position trade in services as a key engine for sustaining economic growth and cultivating new competitive advantages in the coming years.

China's dedication to enhancing the quality of its manufacturing sector is anticipated to boost demand for services in areas such as innovation, equipment maintenance, technical expertise, information, professional support and design, said Wang.

This will stimulate the development of new business models, industries and operational approaches, both domestically and globally, she added.

Shenyang North Aircraft Maintenance Co Ltd, a subsidiary of State-owned China Southern Airlines, is a typical example of a company benefiting from China's service trade growth, leveraging its expertise in auxiliary power unit maintenance to tap into new markets.

The Shenyang, Liaoning province-based aircraft parts maintenance and overhaul service provider saw its sales revenue from aircraft APU maintenance surge 15.9 percent year-on-year to 438 million yuan ($62.06 million) in the first eight months, marking five consecutive years of rapid growth, said Shenyang Customs.

"With a capacity to repair 245 APU units annually, we are able to provide services for six types of APUs, including those for Airbus A320 series aircraft and Boeing 737NG planes," said Wang Lulu, a senior engineer at Shenyang North Aircraft Maintenance. "Since 2022, we have serviced 36 APUs from countries and regions including Europe, the US and Southeast Asia, generating sales revenue of 123 million yuan. Our overseas maintenance services have emerged as a new growth driver for the company."